Many couples across the country acquire a great deal of property and assets throughout the course of marriage. In some cases, a couple may choose to start a business together, which may start out small but grow over time. If that couple decides to part ways, the subsequent process can be complex. Since Michigan is an equitable distribution state, many individuals seek legal counsel for assistance when facing what will likely be a high asset divorce.
When starting a business, couples may give little or no thought about what will happen should they decide to dissolve their marriage. The business may flourish into a successful enterprise during marriage, and may account for a great deal of wealth. The process of dividing assets when a similar business is involved is often challenging, especially without a prenuptial and/or buyout agreement in place.
Perhaps a couple did not feel the need to take these precautions, believing they could continue together in the business even after divorce. Unfortunately, this is often difficult to manage, with similar relationships often deteriorating over time. This can be detrimental to the overall health of a business, and can be challenging to overcome.
There are a vast amount of complications that can be involved in a similar situation. Since the process will likely have a major impact on a person's financial future, a business owner may choose to speak with a high asset divorce attorney in Michigan for assistance throughout this difficult period. An experienced attorney can advise an individual on the best course of action to take when seeking to obtain a fair and equitable portion during divorce proceedings.
Source: qz.com, "What happens to successful companies when their founders divorce", Oliver Staley, March 26, 2017